Curve app customers are being allowed to go back in time and convert past payments from up to a year ago into instalment loans.

After receiving FCA approval earlier this month, Curve has launched Curve Flex to “simplify and unify credit”, it says.

Curve Flex is billed as a “rival” to Buy Now, Pay Later (BNPL), with customers being able to create three, six, nine and 12 instalment loan plans linked to past payments.

It allows customers to pay later for “almost any purchase made at any merchant, from any card”.

Whether a customer wants to split a retail purchase, online order, household bill or just has an unexpected need for cash, said Curve, they can swipe a transaction and select the number of instalments.

The transaction is then refunded in full almost immediately, with payment instalments being converted into “free or low-interest instalment loans”, said Curve.

Curve founder and chief executive Shachar Bialick said: “Curve Flex is almost certainly the most flexible credit solution on the market.

“With no limitations on merchants and the ability to accommodate all Mastercard, Visa and Discover cards, Curve Flex will provide customers with access to easy and affordable credit.”

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